Form Minnesota LLC- Limited Liability Company
Minnesota Limited Liability Company
Limited Liability Company (or LLC) formation in Minnesota gives you the opportunity to enjoy double protection. The benefits of a Minnesota state LLC include protection with tax benefits and identification of your business as a simple form of partnership. Forming an LLC in Minnesota frees you from any personal liability against debts from your organization.
Minnesota LLC Minimum Requirements
The minimum documents required to form a Minnesota LLC are:
- Articles of Organization
- Registered agent
- Certificate of Organization
- Registration of membership
- Business license and permit
- Minimum number of members
- Operating Agreement
a. LLC Documents in Minnesota
When forming an LLC in Minnesota, the Secretary of State requires legal documents, like the biennial report, to be filed before January 2 of each filing year. The Articles of Organization must include the legal name, registered office address of the organization, the contact details of each person owning at least 5% interest in the company, purpose of the organization and the annual tax report.
b. Taxes and Filing Fee
An LLC in Minnesota has more tax advantages than a sole-proprietorship or a partnership business. It also enjoys additional flexibilities on tax implementation. The tax rate in Minnesota for a Limited Liability Company varies depending on the net income. LLCs in Minnesota are given an EIN number for opening a bank account and various tax filing requirements. The LLC filing fee in Minnesota is $160.
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